Iteris Awarded Contracts Totaling Over $2 Million from the Federal Highway Administration
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Insights
Iteris, Inc.'s recent award of seven task orders totaling over $2 million from the National Highway Institute (NHI) represents a strategic continuation of the company's long-term relationship with the Federal Highway Administration (FHWA). This contract underscores Iteris's position as a preferred provider of smart mobility infrastructure management solutions and training services. The deal, while not significantly large in financial terms for a company with a market capitalization in the hundreds of millions, is a positive indicator of Iteris's ongoing ability to secure government contracts and maintain revenue streams from such partnerships.
From a market perspective, this news may be perceived as a reaffirmation of Iteris's expertise and reliability in the field, which could bolster investor confidence in the company's stability and future prospects. The contract also highlights the importance of educational services and training as a revenue source within the smart mobility industry, potentially opening doors for similar companies to explore these avenues.
The investment in training and education by the FHWA through Iteris is indicative of the growing emphasis on enhancing transportation safety and mobility nationwide. The focus on courses such as mobility data business plans, travel demand analysis, climate resiliency practices and pedestrian facility design aligns with current transportation policy priorities, including sustainability and infrastructure resilience. These initiatives are critical in preparing a workforce capable of addressing modern transportation challenges and implementing innovative solutions.
Moreover, the contract's emphasis on a variety of training delivery methods, including virtual workshops and technical assistance, reflects a shift towards more flexible and accessible education models in the transportation sector. This approach not only broadens the reach of these training programs but also demonstrates a commitment to adapting to the evolving educational needs of transportation professionals.
Iteris's contract with the NHI, although not a major revenue driver in comparison to the company's overall financials, is an important strategic development. It provides a reliable income source and enhances the company's reputation in the smart mobility sector. When assessing the financial impact of such contracts, it is essential to consider the potential for follow-on business and the strengthening of Iteris's competitive positioning. Long-term contracts with government entities often lead to more predictable cash flows and can be leveraged to secure additional business.
Investors should note the contract's contribution to Iteris's service diversification, which can mitigate risks associated with the cyclical nature of technology product sales. Additionally, the contract may serve as a catalyst for further innovation within Iteris, as the company stays at the forefront of training and best practices in an industry that is rapidly evolving due to technological advancements and policy changes.
Contracts include training that will contribute to improved transportation safety and mobility nationwide
Iteris Awarded Contracts Totaling Over
These new task orders encompass both course development and course delivery. Iteris will develop, update and deliver materials, supplementary resources, and services geared towards enhancing training initiatives and facilitating the implementation of best practices in various areas for FHWA.
These separate projects span a broad spectrum of content development and training delivery, including the creation of mobility data business plans, provision of federal aid, in-depth travel demand analysis, climate resiliency practices, and pedestrian facility design. The training will be accessible through various channels, such as in-class sessions, online training, virtual workshops, and technical assistance.
The NHI national training and workforce development program has played a pivotal role in educating transportation professionals from local and state agencies throughout the country, particularly in intricate technical disciplines. Since Iteris started working with the NHI in 2002, the company has demonstrated a track record of developing and delivering industry-leading educational courses and has developed over 20 courses and delivered more than 1,000 instructional sessions for the NHI.
“As an industry leader in applying technology to enhance safety, mobility and sustainability across the nation, Iteris is honored to continue our activities with the National Highway Institute,” said Dr. Moe Zarean, general manager, mobility operations services at Iteris. “These past years working with NHI, Iteris has perfected our training approach, methods and practices, and we look forward to continuing our role in helping to train the next generation of transportation professionals nationwide.”
About Iteris, Inc.
Iteris is the world’s trusted technology ecosystem for smart mobility infrastructure management. Delivered through Iteris’ ClearMobility® Platform, our AI-powered end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world, and help bridge legacy technology silos to unlock the future of transportation. That’s why more than 10,000 public agencies and private-sector enterprises focused on mobility rely on Iteris every day. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.
Iteris Forward-Looking Statements
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," “feels,” “anticipates,” "expects," "intends," "plans," "seeks," "estimates," "may," “should,” "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the awarded task orders and statements about our technical, education and training services. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to successfully perform the task orders on a cost-effective basis; government funding and budgetary delays, constraints and issues; adverse impacts related to performance timing and cancellation of a contract or project; and adverse impacts of general economic, political, and other conditions in the markets we address. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).
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Media Contact
Breanna Wallace
Tel: (949) 996-5348
Email: brwallace@iteris.com
Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
Email: itodd@mkrir.com
Source: Iteris, Inc.
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